Ladenburg Thalmann upgrades Lehman to neutral

RileyMcDermid

NEW YORK (MarketWatch) -- Ladenburg Thalmann and Co. bank analyst Dick Bove on Tuesday upgraded Lehman Bros. Holdings
leh
to neutral from sell, saying the bank has raised capital and settled many of the uncertainties related to its balance sheet. But Bove also cautioned that the investment bank could see more write-downs and changed his earnings per share estimate for 2008 to a loss of $3.19 per share from a profit of $2.07 per share. "The company's hedging policies appear to still be ineffective," Bove wrote in a note to investors.

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